Fonterra, Sharesies join to make share trading easier
Fonterra is teaming up with wealth app provider Sharesies to make it easier for its farmer shareholders to trade co-op shares among themselves.
Just two weeks after slashing its forecast milk price mid-point by $1, Fonterra has shaved another 25c off.
The new forecast farmgate milk price range is $6/kgMS to $7.50/kgMS, with a new mid-point of $6.75/kgMS.
Fonterra chef executive Miles Hurrell says Global Dairy Trade (GDT) prices have continued to fall since it revised its Farmgate Milk Price earlier this month, requiring the co-op to reduce its midpoint by a further 25 cents.
“GDT prices have fallen sharply since we released our opening forecast for the season in May, with the overall index down 16% over that period.
“While our wide forecast range assumed movement in GDT prices, whole milk powder prices fell 10.9% in the most recent trading event requiring us to revise our position again.
“Reduced demand from key importing regions for whole milk powder is weighing on prices. While indications are demand will start to return over the second half of FY24, we do expect the pace of demand growth to be subdued relative to initial expectations.”
Fonterra will continue to respond to market signals and adjust its forecast farmgate milk price to ensure that the impact of current prices and currency movements is transparent, says Hurrell.
“This is a challenging time for New Zealand’s dairy farmers and the co-op is doing all it can to support its farmers,” says Hurrell.
The country’s 4200 commercial fruit and vegetable growers will vote from May 14 on a new HortNZ levy.
Meat processor Alliance Group is asking farmer shareholders to inject more capital in order to remain a 100% co-operative.
A vet is calling for all animals to be vaccinated against a new strain of leptospirosis (lepto) discovered on New Zealand dairy farms in recent years.
Dairy
Rural banker Rabobank is partnering with Food Rescue Kitchen on a new TV series which airs this weekend that aims to shine a light on the real and growing issues of food waste, food poverty and social isolation in New Zealand.
Telco infrastructure provider Chorus says that it believes all Kiwis – particularly those in the rural areas – need access to high-speed, reliable broadband.
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